Foxconn Plans To Invest Additional $1.7 Bn in Karnataka

Apple supplier Foxconn plans to invest an additional 139.11 billion rupees ($1.67 billion) in India's Karnataka state, the state government said in a statement on Tuesday.

The State High Level Clearance Committee (SHLCC) headed by Chief Minister Siddaramaiah has given the approval to the company.

The additional investment is earmarked for a manufacturing facility within the Information Technology Investment Region (ITIR) industrial area at Doddaballapur in Devanahalli Taluk. In May 2023, Hon Hai Precision Industry (Foxconn) acquired the land for Rs 300 crore ($37 million).

Foxconn is also expected to start manufacturing iPhones in Karnataka by April 2024 - a project expected to create around 50,000 jobs.

The Taiwan-based company, which assembles around 70% of iPhones and is the world's largest contract manufacturer, has been diversifying production away from China following COVID19 disruptions and geopolitical tensions.

Other major projects receiving government approval include JSW Renew Energy Four Limited (Rs 4,960 crore investment), JSW Steel Limited (Rs 3,804 crore), Toyota Kirloskar Motor Private Limited (Rs 3,237.3 crore), TRIL Bengaluru Real Estate Six Limited (Rs 3,273 crore) and Janki Corp Limited (additional investment of Rs 607 crore), said Karnataka's minister for large and medium industries and infrastructure development MB Patil, in media statement.

 
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